Homebase Mortgage Bank has secured an initial N3.5 bn in funding from the Ministry of Finance Incorporated through the Real Estate Investment Fund On-Lending Facility.
Confirming this development to The Punch, the Managing Director, Homebase Mortgage Bank, Arinze Adigwe, said the recognition underscored the government’s confidence in the bank’s competence and commitment to housing access, adding that it more importantly empowers the bank to extend even more affordable mortgages to everyday Nigerians.
He said, “Homebase Mortgage Bank will deploy the MREIF funding to create mortgage loans and boost homeownership by offering affordable and flexible mortgage packages to low- and middle-income Nigerians. Through this initiative, eligible homebuyers can access home loans at 12 per cent per annum interest rates, with repayment terms of up to 20 years. Additionally, by combining MREIF with the Family Homes Funds, homebuyers may qualify for even lower, single-digit interest rates, potentially below 10 per cent. With an equity contribution or down payment of just 20 per cent, individuals can access mortgage loans of up to N100m.
“Homebase will expand mortgage reach in Nigeria through its impact across the housing value chain, with a focus on digitising mortgage application processes for greater speed, transparency, and inclusion; launching homeownership advisory programmes and financial literacy clinics to guide first-time buyers; and hosting community housing forums across key cities to raise awareness about eligibility and access.
“The MREIF fund is not just a fund injection; it’s a call to action. At Homebase we see this as a mandate to accelerate impact. Every naira we deploy will go towards building lives, strengthening families, and creating sustainable communities.”
MREIF is a collaborative initiative driven by the Federal Government through the Ministry of Finance Incorporated and some private sector investors, with ARM Investment Managers as the fund managers.
This is in line with the Renewed Hope scheme of the Federal Government of Nigeria.
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